Types of Audit Assurance Audit Assurance, There are several types of audit assurance engagements, each providing a different level of assurance to stakeholders. The main types of audit assurance engagements include: Financial Statement Audit: This is the most common type of assurance engagement. It involves an independent auditor examining an organization’s financial statements and providing… Read More »
Secretarial compliance for Pvt Ltd Co Here are some common secretarial compliance obligations for a private limited company: 1.Company Formation and Registration: Ensuring proper formation of the company by registering with the appropriate government authorities, obtaining the necessary permits and licenses, and complying with the legal procedures for incorporation. 2. Maintenance of Statutory… Read More »
LLP Reconstitution What is the Process of Reconstitution Deed in an LLP? Limited Liability Partnerships (LLPs) have become a popular choice for businesses, combining the benefits of partnerships and limited liability companies. Over time, LLPs may undergo changes that necessitate altering the original partnership agreement. This is where the reconstitution deed comes into play.… Read More »
How to do GST compliance for private limited company Compliance with GST for a private limited company entails meeting the prescribed guidelines and fulfilling the requirements of the Goods and Services Tax (GST) as established by the tax authority. Here are some key aspects of GST for Private limited company: GST Registration: If your company… Read More »
What are the consequences of Not Issuing E-Invoices Under India’s New GST Regime With the introduction of the Goods and Services Tax (GST) in India, the government has significantly reformed the tax system, aiming to streamline indirect taxation. A critical aspect of this evolution is the requirement for businesses to generate and issue electronic invoices… Read More »
Section 194Q of Income Tax Act Section 194Q of the Income Tax Act, introduced in the Union Budget 2021 and effective from 1st July 2021, is a provision that specifically applies to buyers making payments to resident sellers for the purchase of goods. To visit:https://www.incometax.gov.in According to this provision, if a buyer makes payments exceeding… Read More »
Sole Proprietorship In India, a Sole Proprietorship is not required to be register with the government. However, depending on the nature of the business and the location. There may be certain registrations and licenses that the proprietorship needs to obtain to operate legally. Some of the registrations and licenses required for a sole proprietorship… Read More »
Difference between TDS vs TCS Difference between TDS vs TCS, TDS and TCS are both types of tax collection mechanisms in India, but they differ in their nature, purpose, and applicability. TDS TDS (Tax Deducted at Source) is a tax collection mechanism that requires a person to deduct tax at a prescribed rate from the… Read More »
GST non-exempt categories Goods and Services Tax (GST) is a value-added tax applied on the supply of goods and services in many countries. While some goods and services are exempt from GST, most fall under non-exempt categories that are subject to GST. Understanding these non-exempt categories is crucial for businesses to remain compliant and for… Read More »
Input Tax Credit However, it’s important to understand that not all goods and services are subject to RCM. GST is only applicable under the Reverse Charge Mechanism (RCM) in specific situations as specified by the government. For instance, RCM applies to services provided by a goods transport agency, legal services, services provided by an… Read More »
